Are Olympic Athletes Insured?

Date : August 12, 2016 |

Olympics is a huge event where hundreds of athletes come from all over the world. They participate in various sports and strive for the medals to make their country and themselves proud of their achievements. For an athlete who’s competing in the Olympics, adequate insurance coverage is as precious as a Gold medal.

Athletes who are competing in the Olympics must review their individual insurance policies and make sure that they are protected against any injury that may leave them financially unstable. Since the Olympics have started in Rio, a lot of concern has been shed regarding the safety issues and potential threats that involve in the sports.

A prominent insurance lawyer, Frank Darras specializes in elite and pro athletes. According to him, Olympic athletes need to safeguard themselves and secure their livelihoods by having adequate insurance coverage. With sports being a threat itself, there are other threats which prevail as well such as Zika virus. A lot of athletes were wanting to back out due to Zika virus since it poses a huge threat. Athletes need proper protection catered to customized insurance policies.

However, the injury caused by Olympic sports are quite lower than other professional sports yet sports are sports and athletes do get hurt. A staggering 11% athletes got injured in London Olympics 2012. Athletes have permanent total disability insurance that insures them against a career-ending injury or illness. When an average citizen purchases permanent total disability insurance, an athlete, of all people, would definitely have that insurance. An individual disability insurance is the best financial savior against any unforeseen event that involves the career of an athlete.

For athletes who have a lot of endorsement contracts should give preference to loss of endorsement coverage. If an injury prevents an athlete from continuing their athletic career, this coverage can reduce their exposure and supplement their financial value.

If you’re into sports, feel free to call us at 754 300 7352, our highly skilled team will be eager to assist you in your insurance queries and have the best and cheap insurance for you which best suits your needs. Also, fill out a Free Quote Form to get a quote estimation.